NOTE 19 – CORRECTION OF ERRORS

During the third quarter of 2013, the Company identified errors related to prior periods. These errors were attributable to the identification and recording of withholding taxes arising primarily from financing transactions between certain international subsidiaries and to certain improperly stated reserves and asset balances within its Rigid Industrial Packaging & Services business unit in Brazil. The impact of the errors in the prior years was not material to the Company in any of those years; however, the aggregate amount of the prior period errors of $9.6 million would have been material to the Company’s current year consolidated statement of operations. Consequently, the Company has corrected these errors for all prior periods presented by restating the consolidated financial statements and other financial information included herein. Periods not presented herein will be restated, as applicable, as they are included in future filings.

The following are the previously stated and corrected balances of certain consolidated statements of operations and consolidated balance sheets (Dollars in millions, except per share amounts):


	Three months ended
	January 31, 2013
	As Reported		Adjustments			As Adjusted
Cost of products sold	$	821.3	$	0.6		$	821.9
Gross profit		187.3		(0.6	)		186.7
Operating profit		64.6		(0.6	)		64.0
Income before income tax expense and equity earnings of unconsolidated affiliates, net		38.6		(0.6	)		38.0
Income tax expense		12.5		0.7			13.2
Net income		26.2		(1.3	)		24.9
Net income attributable to Greif, Inc.		24.9		(1.3	)		23.6
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	0.43	$	(0.02	)	$	0.41
Class B Common Stock	$	0.63	$	(0.03	)	$	0.60
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	0.43	$	(0.02	)	$	0.41
Class B Common Stock	$	0.63	$	(0.03	)	$	0.60

	Three months ended
	April 30, 2013
	As Reported		Adjustments			As Adjusted
Income tax expense	$	18.9	$	0.7		$	19.6
Net income		43.0		(0.7	)		42.3
Net income attributable to Greif, Inc.		40.9		(0.7	)		40.2
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	0.70	$	(0.01	)	$	0.69
Class B Common Stock	$	1.05	$	(0.02	)	$	1.03
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	0.70	$	(0.01	)	$	0.69
Class B Common Stock	$	1.05	$	(0.02	)	$	1.03


	Three months ended
	July 31, 2012
	As Reported		Adjustments			As Adjusted
Selling, general and administrative expenses	$	116.4	$	0.4		$	116.8
Operating profit		85.2		(0.4	)		84.8
Income before income tax expense and equity earnings of unconsolidated affiliates, net		65.1		(0.4	)		64.7
Income tax expense		24.4		0.6			25.0
Net income		40.0		(1.0	)		39.0
Net income attributable to Greif, Inc.		38.5		(1.0	)		37.5
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	0.66	$	(0.02	)	$	0.64
Class B Common Stock	$	0.99	$	(0.03	)	$	0.96
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	0.66	$	(0.02	)	$	0.64
Class B Common Stock	$	0.99	$	(0.03	)	$	0.96

	Nine months ended
	July 31, 2012
	As Reported		Adjustments			As Adjusted
Cost of products sold	$	2,608.8	$	0.1		$	2,608.9
Gross profit		585.1		(0.1	)		585.0
Selling, general and administrative expenses		348.6		1.2			349.8
Operating profit		220.0		(1.3	)		218.7
Income before income tax expense and equity earnings of unconsolidated affiliates, net		151.2		(1.3	)		149.9
Income tax expense		50.5		1.7			52.2
Net income		102.0		(3.0	)		99.0
Net income attributable to Greif, Inc.		99.6		(3.0	)		96.6
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	1.71	$	(0.05	)	$	1.66
Class B Common Stock	$	2.56	$	(0.08	)	$	2.48
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	1.71	$	(0.05	)	$	1.66
Class B Common Stock	$	2.56	$	(0.08	)	$	2.48


	For the year ended
	October 31, 2012
	As Reported		Adjustments			As Adjusted
Cost of products sold	$	3,489.8	$	0.1		$	3,489.9
Gross profit		779.7		(0.1	)		779.6
Selling, general and administrative expenses		469.4		1.6			471.0
Operating profit		284.5		(1.7	)		282.8
Income before income tax expense and equity earnings of unconsolidated affiliates, net		187.1		(1.7	)		185.4
Income tax expense		56.8		2.0			58.8
Net income		131.6		(3.7	)		127.9
Net income attributable to Greif, Inc.		126.1		(3.7	)		122.4
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	2.17	$	(0.07	)	$	2.10
Class B Common Stock	$	3.24	$	(0.10	)	$	3.14
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	2.17	$	(0.07	)	$	2.10
Class B Common Stock	$	3.24	$	(0.10	)	$	3.14

	October 31, 2012
	As Reported		Adjustments			As Adjusted
Current assets
Cash and cash equivalents	$	91.7	$	(0.2	)	$	91.5
Trade accounts receivable, less allowance		453.9		(0.1	)		453.8
Inventories		374.3		(0.8	)		373.5
Prepaid expenses and other current assets		117.2		(2.4	)		114.8
Total assets		3,856.9		(3.5	)		3,853.4
Current Liabilities
Other current liabilities		182.6		5.3			187.9
Long-term liabilities
Other long-term liabilities		116.2		0.8			117.0
Shareholders’ equity
Retained earnings		1,404.4		(9.6	)		1,394.8
Total liabilities and shareholders’ equity		3,856.9		(3.5	)		3,853.4


	For the year ended
	October 31, 2011
	As Reported		Adjustments			As Adjusted
Cost of products sold	$	3,449.8	$	0.1		$	3,449.9
Gross profit		798.4		(0.1	)		798.3
Selling, general and administrative expenses		453.3		0.4			453.7
Operating profit		330.7		(0.5	)		330.2
Income before income tax expense and equity earnings of unconsolidated affiliates, net		240.6		(0.5	)		240.1
Income tax expense		65.0		2.3			67.3
Net income		180.4		(2.8	)		177.6
Net income attributable to Greif, Inc.		177.5		(2.8	)		174.7
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	3.05	$	(0.05	)	$	3.00
Class B Common Stock	$	4.56	$	(0.08	)	$	4.48
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A Common Stock	$	3.04	$	(0.05	)	$	2.99
Class B Common Stock	$	4.56	$	(0.08	)	$	4.48

	October 31, 2011
	As Reported		Adjustments			As Adjusted
Current assets
Cash and cash equivalents	$	127.4	$	(0.1	)	$	127.3
Prepaid expenses and other current assets		132.5		(1.8	)		130.7
Total assets		4,188.8		(1.9	)		4,186.9
Current Liabilities
Other current liabilities		166.9		3.6			170.5
Long-term liabilities
Other long-term liabilities		206.4		0.4			206.8
Shareholders’ equity
Retained earnings		1,376.0		(5.9	)		1,370.1
Total liabilities and shareholders’ equity		4,188.8		(1.9	)		4,186.9